Press: News clips

Central Vermont Community Land Trust

In 1997, as the Central Vermont Community Land Trust (CVCLT) was celebrating its 10th anniversary, it received notice that the VerdMont Mobile Home Park was for sale. At the invitation of the park residents, a year later, CVCLT made its first major investment in the Mad River Valley. CVCLT secured grants and loans from four different sources to finance the purchase and major renovations to the roads, drainage, water system and electrical service of the park. CVCLT was also able to assist eight homeowners make needed renovations to their homes such as new windows and doors, insulation and siding and energy efficient heating systems. Unlike prior years, however, the residents did not receive notice of a rent increase. CVCLT is now celebrating its 20th anniversary, and VerdMont homeowners are still paying the same affordable lot rent as they did in 1998.

During the past 10 years, CVCLT has increased its presence in the Mad River Valley. In 2004, CVCLT purchased and renovated Mad Meadows to ensure its continuation as affordable housing for twelve families and twelve elderly households. In 2005, CVCLT bought Evergreen Place and arranged for refinancing to expand and convert the property to include 18 apartments, all of which are wheel-chair accessible. In fact, CVCLT owns more rental apartments in Waitsfield than in any other community except for Montpelier. Now, CVCLT is working to construct eight affordable condominium units in Waitsfield. CVCLT is also partnering with Housing Vermont, a state-wide syndication and development company, to construct 16 new family rental apartments on the site of the old Blue Tooth in Warren.

So, what is the Central Vermont Community Land Trust, and what do they do? CVCLT is the primary affordable housing organization for Central Vermont. CVCLT was established in 1987 on the “land trust model” with a mission to create and preserve safe, decent and affordable housing and build strong and diverse communities. CVCLT operates in three program areas-housing development, homeownership and property management.

CVCLT creates new affordable housing. The Real Estate Development Program expands the supply of affordable housing through purchase and extensive rehabilitation of existing properties and through new construction. CVCLT's five-year strategic plan calls for doubling its portfolio through development of rental apartments, single family homes, and condominiums-including the 8 new condos in Waitsfield.

CVCLT provides homebuyer education and counseling. If you are thinking of buying a home, the NeighborWorks® Homeownership Center offers a comprehensive menu of services including home-buyer education workshops and individual counseling. These help you get the biggest bang for your housing dollar and make securing mortgage financing easier.

CVCLT provides substantial financial assistance to eligible first time home-buyers. The Homeland Program increases the purchasing power of participating first-time home-buyers with an equity investment of up to $40,000 in return for a share of appreciation at resale. There are over 90 properties in the HOMELAND program and CVCLT expects to add an additional 40 homelands by 2011. The Homeland program has fewer participants in the MRV than in other areas because of the high cost of housing here. Even so, there are now seven participating homeowners stretching from Warren to Moretown.

CVCLT helps homeowners. Most families in the Valley already own their own homes but increasing costs make it difficult for many families to finance repairs. The Green Mountain Loan Fund provides affordable financing for necessary capital replacements and improvements to increase in energy efficiency for lower income homeowners.

Property Management directs day-to-day provision of maintenance and occupancy services to residents and applicants and manages the real estate assets of CVCLT's rental apartments and mobile home parks.

CVCLT also works with non-profit service agencies to provide affordable housing and services for groups with special needs, shelter for victims of domestic abuse and sexual violence, transitional housing for homeless families, and Habitat for Humanity families. CVCLT helped Studio Place Arts renovate a burned out building in Barre City to provide studios, teaching space and a gallery for the visual arts.

CVCLT is located at 107 North Main Street, Barre City. They can be reached at 476-4493 or visit their web site at www.CVCLT.org

The NeighborWorks® HomeOwnership Center is a program of the Central Vermont Community Land Trust and is dedicated to expanding homeownership opportunities for people of all income levels in Washington, Orange, and Lamoille Counties. The NeighborWorks® HomeOwnership Center provides pre-purchase credit and budget counseling, guidance on affordable mortgage financial products, home maintenance education, financial management education, assistance with home rehabilitation planning, and delinquency consultation services.

Comprehensive homebuyer education workshops are scheduled monthly and are designed to help people evaluate the advantages and disadvantages of homeownership, the steps involved to buy a home, budget and credit information, mortgage options, purchase and sale contingencies that benefit the buyer, the importance of a quality home inspection, home maintenance and safety tips, and other important topics relevant to homeownership. The completion of a homebuyer education workshop is followed by one or more individualized counseling sessions tailored to the buyers' personal financial circumstances. The ultimate objective is to get homebuyers 'mortgage application ready' and to help them become successful, long-term homeowners.

In addition to the progm's academic benefits, homebuyers also receive a certificate from the NeighborWorks® HomeOwnership Center which reduces the down payment, on VHFA loans.

Eligible households may also apply for financial assistance for closing costs and down payment grant awards of up to $40,000.

Affordable Housing-what is it and who lives there?

Outlays for decent and safe housing should consume no more than 30% of a household's gross income. For renters, this includes all utilities. For homeowners it includes mortgage payments for principal and interest, property taxes and homeowner's insurance.

There are income limits for most CVCLT programs. These are adjusted in March of each year usually increase slightly. They are also adjusted for household size. Current limits are:

1 person = $45,900

2 people = $52,400

3 people = $59,000

4 people = $65,500

5 people = $70,700

6 people = $76,000